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PUC Rio | Departament of Economics

Journal

Browse the categories to access the content of academic, scientific and opinion publications of the professors and students of the Department of Economics PUC-Rio.

Repeated lending under contractual incompleteness

Annals of Finance

V 6, P 51-82, 01/01/2009

Vinicius Nascimento Carrasco, João Manoel Pinho de Mello.


Labor adjustment dynamics in Brazilian manufacturing

Brazilian Review of Econometrics

V 29, N 2, P 251-284, 01/01/2009

In this paper, we investigate the dynamics of labor adjustment at the rm level in

Brazilian manufacturing, using information on average hours per worker to measure

employment deviation from desired levels as in Caballero et al. (1997). We use Brazilian

manufacturing data at the establishment level and monthly frequency. The objective is

to estimate the employment adjustment function, which relates the magnitude of em-

ployment changes to the size of employment gaps. The empirical results point to the

presence of nonconvexities in employment adjustment costs in Brazilian manufacturing,

with estimated employment adjustment rates increasing with the size of employment

gaps. On average, employment adjustment rates range from 10% for small employment

gaps to 35% for large ones. The results also show that there is a large proportion of

rms in the sample that do not adjust employment over two consecutive periods. We

run several robustness tests with alternative ways of estimating the employment gaps,

using other forms of dealing with measurement error and a problem of endogeneity of the

hours change variable. Although the magnitudes of employment adjustment rates vary,

we show that: i) the variations are in line with the expected directions of the biases in

estimating the coecient of the hours change variable; and ii) the format of employment

adjustment functions does not change across speci cations, always revealing that employ-

ment adjustment rates increase with the size of employment gaps, which is compatible

with nonconvex costs of employment adjustment. We also study how the employment

adjustment function varies according to several establishment characteristics, such as

skilled-labor intensity, size, payroll expenses, and overtime payments. We show that the

employment adjustment function tends to have a higher mean and to display larger val-

ues when measured for establishments with characteristics that are arguably related to

lower costs of employment adjustment: larger proportion of low-skilled workers, smaller

size and lower overtime payments.

Gustavo Gonzaga.


Does Crime Affect Economic Decisions? An Empirical Investigation of Savings in a High-Crime Environment

B.E. Journal of Economic Analysis & Policy

V 8, 01/12/2008

Eduardo Zilberman.


Exposing Corrupt Politicians: The Effect of Brazil’s Publicly Released Audits on Electoral Outcomes

Quarterly Journal of Economics

V 123, N 2, P 703-745, 01/05/2008

This paper uses publicly released audit reports to study the effects of disclosing information about corruption practices on electoral accountability. In 2003, as part of an anticorruption program, Brazil's federal government began to select municipalities at random to audit their expenditures of federally transferred funds. The findings of these audits were then made publicly available and disseminated to media sources. Using a data set on corruption constructed from the audit reports, we compare the electoral outcomes of municipalities audited before versus after the 2004 elections, with the same levels of reported corruption. We show that the release of the audit outcomes had a significant impact on incumbents' electoral performance, and that these effects were more pronounced in municipalities where local radio was present to divulge the information. Our findings highlight the value of having a more informed electorate and the role played by local media in enhancing political selection. 

Claudio Ferraz, Frederico Finan.


Rural organization and land reform in Latin America: the role of nonagricultural benefits of landholding

Economic Development and Cultural Change

V 56, N 4, 01/02/2008

Juliano Assunção.


Realized volatility

Econometric Reviews

V 27, 01/02/2008

Michael McAller, Marcelo Medeiros.


A neural network demand system with heteroskedastic errors

Journal of Econometrics

V 147, P 359-371, 01/02/2008

Michael McAller, Daniel Slottje, Marcelo Medeiros.


A multiple regime smooth transition heterogeneous autoregressive model for long memory and asymmetries

Journal of Econometrics

V 147, P 104-119, 01/02/2008

Michael McAller, Marcelo Medeiros.


An alternative approach to to estimating demand: neural network regression with conditional volatility for high frequency air passenger arrivals

Journal of Econometrics

V 147, P 372-383, 01/02/2008

Michael McAller, Daniel Slottje, Vicente Ramos, Javier Rey Maquieira, Marcelo Medeiros.


"A pesquisa em Economia no Brasil: Uma avaliação Empírica dos Conflitos entre Quantidade e Qualidade"

Revista Brasileira de Economia

V 62, N 4, P 467-495, 01/01/2008

Walter Novaes.


Modeling and forecasting short term electricity load: a comparison of methods with an application to Brazilian data

International Journal of Forecasting

V 24, P 630-644, 01/01/2008

Lacir Soares, Marcelo Medeiros.


The demographic transition and the sexual division of labor

Journal of Political Economy

V 116, N 61, P 1058-1104, 01/01/2008

Bruno Falcão, Rodrigo Reis Soares.


Wealth transfers and the role of collateral when lifetimes are uncertain

Economic Theory

V 36, N 3, 01/01/2008

Abdelkrin Seghir, Juan Pablo Torres-Martínez.


Tree-structured smooth transition regression models

Computation Statistics and Data Analysis

V 52, 01/01/2008

Joel C. Rosa, Alvaro Veiga, Marcelo Medeiros.


Econometrics of auctions by least squares

Journal of Applied Econometrics

V 23, P 925-948, 01/01/2008

Leonardo Rezende.


Collateralized assets and asymmetric information

Journal of Mathematical Economics

V 44, N 5-6, 01/01/2008

Juan Pablo Torres-Martínez, Myrian Beatriz da Silva Petrassi.


Fertility in post demographic transition countries

Pharmaceuticals Policy and Law

V 9, P 15-27, 01/01/2007

Rodrigo Reis Soares.


Efficient semi parametric estimation of quantile treatment effects

Econometrica

V 75, P 259-277, 01/01/2007

Sergio Firpo.


General equilibrium in CLO markets

Journal of Mathematical Economics

V 43, 01/01/2007

Juan Pablo Torres-Martínez.


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